Ally Financial Completes its Share of Mortgage Relief

U.S. auto lender Ally Financial has
satisfied a requirement to provide $200 million in home loan
modifications and other consumer relief under last year's $25
billion national mortgage settlement, the pact's monitor said
Thursday.

U.S. auto lender Ally Financial has
satisfied a requirement to provide $200 million in home loan
modifications and other consumer relief under last year's $25
billion national mortgage settlement, the pact's monitor said
Thursday.

Ally, along with its Residential Capital and GMAC Mortgage
units, becomes the first of five mortgage servicers to complete
its portion of the mandated customer assistance.

Joseph Smith, the former North Carolina state banking
commissioner who is the monitor for the settlement, said he
filed a report with the U.S. District Court for the District of
Columbia certifying Ally had met the requirement. Ally is 74
percent owned by the U.S. government after a series of bailouts
and is largely exiting the mortgage business.